Intacct Rides Cloud Computing Momentum to Record Yearly Results
Intacct Grows New Customer Bookings by Nearly 50 Percent in 2012; Adds Record
Number of New Customers in Most Recent Quarter
SAN JOSE, Calif., Jan. 30, 2013
SAN JOSE, Calif., Jan. 30, 2013 /PRNewswire/ --Intacct, a leader in cloud
financial management and accounting software, today announced record results
for calendar year 2012. Over the past twelve months, Intacct increased new
customer bookings by more than 47 percent over 2011. In the company's second
fiscal quarter, ended December 31, Intacct rode strong momentum from companies
outgrowing QuickBooks and those looking to switch from outdated midmarket
on-premises software to secure a record number of new customer additions. All
of this points to increasing momentum in the cloud financials market as gains
in other business application areas, such as customer relationship management
and human resources, are now reaching core financials.
To meet increasing demand, Intacct continues to attract a growing number of
CPA firms and the top Microsoft and Sage partners to its channel program,
adding several key new partners in 2012. The Intacct Business Partner Program
added three new Accounting Today Top 100 resellers during the year: SVA
Consulting (#48), e2b teknologies (#74), and InterDyn CFO Consulting (#97 and
now part of InterDyn BMI) – bringing the program's overall count to 21 of the
Top 100 firms. Meanwhile, Intacct's partnerships with the American Institute
of Certified Public Accountants (AICPA) and CPA2Biz, the technology subsidiary
of the AICPA, have helped to strengthen the Intacct Accountants Program. In
2012, the program added more than 75 new firms and now boasts 22 of the Top
100 accounting firms.
Existing customers also voiced their satisfaction and deepened their
commitment to Intacct. Add-on business with current Intacct customers remained
strong, with these companies adding new users and subscribing to additional
Intacct applications in record numbers during 2012.
"There is no doubt that 2012 was the year cloud financial applications went
mainstream," said Robert Reid, CEO of Intacct. "While on-premises financial
software growth is essentially flat, cloud vendors continue to grow rapidly.
With new customer additions at an all-time high, we are seeing increased
demand for our award-winning financial applications. In addition, as the cloud
partner of choice for the channel, we continue to see momentum across both
traditional resellers and top accounting firms. Intacct customers will receive
a slate of significant product enhancements in 2013 that will extend the value
of their investment and provide the opportunity for accelerated growth for
Intacct and our partners."
2012 Year in Review
Reflecting more broadly on 2012, Intacct achieved many significant milestones.
Here is a review of some of the company's key accomplishments over the past
Company Funding and Growth – In October, Intacct announced it had secured an
additional $13.5 million of new financing. The majority of the new financing
was secured through a $7.5 million venture funding round led by Split Rock
Partners. The round featured all existing investors, including Bessemer
Venture Partners, Emergence Capital, Sigma Partners, and Sutter Hill Ventures.
The remainder of the funding came in the form of a $6 million line of credit
with Silicon Valley Bank. The additional funds will be used to drive continued
growth through extended product innovation and expanded distribution channels.
Product Innovation – Showcasing the rapid pace of innovation available in
cloud-based systems, Intacct delivers quarterly product releases that are
effortless for customer to adopt – ensuring customers are always on the latest
version. Intacct's product investments cut across three key focal areas:
delivering best-in-class financials that grow with you, providing a
frictionless transition to Intacct, and making proactive investment in ease
Building on the new user experience launched in Fall 2011, Intacct rolled out
more than 170 new features in 2012. Many of the product updates from 2012 were
customer initiated ideas, including updates to Intacct Project Accounting and
Intacct Revenue Management, as well as several end user management
enhancements. Intacct also introduced product experience enhancements,
including new context-driven help at the point of need and a new trial
capability, allowing prospective customers to try the system before they buy.
Channel Growth – Intacct boasts the strongest channel program of any cloud
financial vendor. More than 300 leading CPA firms and resellers have now
joined Intacct's channel programs. With 22 of the Top 100 CPA firms, 21 of the
Top 100 VARs in the industry, 20 "VAR Stars," and five firms on Accounting
Today's list of Technology Pacesetters, Intacct's channel programs remain the
envy of its peers.
World Class Operations – Intacct once again delivered on its commitment to
outstanding levels of security and reliability. Across all of 2012, Intacct
delivered 99.98% scheduled uptime, with 99.99% or better scheduled uptime in
10 of the 12 months. Intacct continues to provide customers with levels of
operational excellence they would be unable to achieve running on-premises
software at their own business – all backed by Intacct's Buy with Confidence
service level guarantee.
Corporate and Product Awards – Intacct earned numerous corporate and product
awards in 2012, including:
oTop rated SaaS Accounting Software Solution from CPA Technology Advisor
oOne of PC Magazine's 25 Best Small Business Apps
oOne of CRN's 100 Coolest Cloud Computing Vendors
oOne of CRN's 20 Coolest Cloud Software Vendors
oNamed to the OnDemand 100 Fastest Growing Private Companies list
oNamed to the JMP Securities Hot 100 list of the best privately held
oNamed to the Montclair Advisors list of Top Global SaaS Vendors
oNamed one of the Bay Area's Top Workplaces
oIntacct's Vice President of Channels, Taylor Macdonald, was named to the
Accounting Today Top 100 Most Influential People list and also as a Top
Channel Chief by CRN
Intacct is the cloud financial management company. Bringing cloud computing to
finance and accounting, Intacct's award-winning applications are the preferred
financial applications for AICPA business solutions. Intacct applications, in
use by more than 6,000 organizations from startups to public companies, are
designed to improve company performance and make finance more productive.
Hundreds of leading CPA firms and Value Added Resellers offer Intacct to their
clients. The Intacct system includes accounting, contract management, revenue
management, project and fund accounting, inventory management, purchasing,
vendor management, financial consolidation and financial reporting
applications, all delivered over the Internet via cloud computing.
Intacct is headquartered in San Jose, California. For more information, please
visit www.intacct.com or call 877-437-7765. Connect with Intacct on LinkedIn,
Facebook, Twitter or YouTube.
Intacct and the Intacct logo are trademarks of Intacct Corporation. All other
company and product names mentioned herein may be trademarks of their
Contact: Peter Olson, Intacct, +1-408-878-0951, email@example.com,
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